All Forum Posts by: Shelly Swanzy

Thanks SolidReturns.

Bryan, I will definitely pm you, thanks.

Financeexaminer, thanks for the advice.

I was searching CL today and there were several posts that said, "Owner financing, RTB, etc..... is illegal in Texas unless you are broker, etc.........I'm a little confused. We just obtained owner financing; however we found the property on the MLS, contacted agent, who contacted owner who agreed to OF and we are closing with a Title company. So questions????? 1. Is it legal for an "investor/owner" to sell through OF if they go through an agent and title company only? Or does the investor/owner need to have some sort of license???? Just asking because this is the niche that I am interested in.

Originally posted by Don Konipol:

Shelly is absolutely INCORRECT in all his points.

1. Trustee is NOT a neutral party, trustee holds the property in trust for a beneficiary. In Trust Deed states the trustee would hold the property in trust for the lender, as beneficiary. A trustee can also hold property in trust where the beneficiary is the property owner.

2. A trustee sale is NOT a sheriff sale in most states. A sheriff sale is when a lien is perfected against a property, and a judgement is entered ordering a sale to the highest bidder by a law enforcement agency, usually the sheriffs dept. A trustee sale is when a foreclosure action is filed against a property owner, and the appointed trustee holds the auction sale.

3. There is absolutely nothing legally or ethically wrong with an individual being a trustee, investor and owning a title agency, as long as this relationship is disclosed to any concerned parties.

Everybodys particpation is encouraged; however posting blatantly incorrect information but incorrect facts), i.e, posting information about which you have limited or no knowledge, is dangerous and inappropriate. Better to ask questions about subjects you are unfamiliar with than to post incorrect and unknowledgeable answers.

Sorry Don, didn't mean to upset anyone. As far as knowledge --- I looked up foreclosure terminology to get the definitions. As far as my comments -- I didn't say it was legal or illegal; I said if it was legal great for him, if it wasn't then he'd get into trouble. I see nothing dangerous or inappropiate about that. Again, I apologize and just so you know it should have been "her" points --- I am a woman. Have a great day. :D

Trustee
A neutral party who advertises the foreclosure property for sale and conducts the auction to sell said property to the highest bidder.

Trustee Sale
An auction of real property conducted by a trustee. Also known as a Sheriff's Sale.

It may be that Mr. X decided to become a Trustee, open his own title company, and become an investor because he found a "loop hole" in the system that would allow him to do what he is doing "legally".

It doesn't sound like it should be legal but there are people out there making millions because of loop holes.

If you look at it from Mr. X's view = he basically gets paid 3 times for every property #1 selling it at auction, #2 selling it as an investor, and #3 using his title company to close the sale. In this insance, wouldn't we all like be brilliant enough to be Mr. X if it is legal?

On the other hand, if Mr. X just thinks he found a loop hole and it really isn't as legal as he percieved, well, then I wouldn't want to be Mr. X. If he is doing something that is not legal --- it will only be a matter of time before he gets caught -- I'm sure you're not the only one who has caught on to what he is doing.

You might try to get a phone for the owner on the tax record and then call let me know who you are and see if maybe they've sold it on contract to the "landlord" or if they have tenants in that home with the name of your applicants. It may be that the applicants haven't been responsible tenants and they've come up with a scheme "landlord" = "friend" to provide good tenancy records.

Originally posted by Shelly Swanzy:

Originally posted by Joshua Dorkin:

Michael Rogers of Chandler Properties provided the following Excel Worksheet for BiggerPockets to share with all of our members.

REI Property Analyzer

We hope you all find it comes in handy.

NOTE: If anyone else has their own worksheet that they'd like to share, please get in touch.

Thanks Josh for posting and thanks Michael for letting us use this. Will definitely be of great use. :D

Tried out the calculator on the 2 for 1 properties we are purchasing --- here's what it calculated (if we were renting them out) How'd we do?

LTV 71%
Cashflow/ initial investment 84%
Cashflow Assets 24%
CAP rate 36%

Originally posted by Joshua Dorkin:

Michael Rogers of Chandler Properties provided the following Excel Worksheet for BiggerPockets to share with all of our members.

REI Property Analyzer

We hope you all find it comes in handy.

NOTE: If anyone else has their own worksheet that they'd like to share, please get in touch.

Thanks Josh for posting and thanks Michael for letting us use this. Will definitely be of great use. :D

"Anybody have any experience with any sites that will post the calendar for Tarrant County?"

I just googled and I found the county internet site that lists the notices for trustee sale -- you can probably use info from the notice to search property records, do a drive by, etc.... for the properties before you go to the sale so you have a better idea of what your max OOP would be and then see what they are actually selling for at the auction.

Here's my search result for you (hope this is alright to put here)

http://www.tarrantcounty.com/ecountyclerk/cwp/view.asp?a=735&q=452462&ecountyclerkNav=|

Hi David,

Personally I don't know anything about HUD or short sales.

However, we have purchased 2 REO's in the past that were listed on the MLS. On both (and they were the only two that we put in offers on) we put down earnest money of the amount we were offering.

We chose to do this for 2 reasons:

1) if you were selling X for $3000 and buyer shows up wanting X for $2250 cash in hand and you hadn't had anyone interested in X until now and all you had to do was say "yes" and the money was in your hands right now

and

2) it shows the bank that we are really interested and since they already have the money the only thing they need to do is say yes and set up the closing

We installed a wood stove into our home in Indiana (to save on heating). First, call your insurance agent, they will let you know how/whom should install, what inspections will need to be done after installation, and how much your premiums will go up. If you can live with what your agent tells you and the tenants are willing to pay for this to happen; then you may also want to make sure that the tenants also have renters insurance that covers the use of the wood stove. Just make sure that your covered-- in case, of an accidental fire, someone gets burned, etc......